樓1 Due Diligence

決定 make offer 之前，有上網做due diligence

先了解Birmingham 這一個城市，位於中部地區，人口為第二大城。傳统為工業重鎮。自從英國 Northern Powerhouse 計劃以來，北部城市特別是Manchester，有快速的增長。Birmingham 位置上是HS2高鐵的中間站，未來只要45分鐘直達Euston Station, 成為一小時生活圈。坐高鐵即日來回倫敦開會也可以。將來會受惠溢出效應，部分公司會由倫敦搬到北部，暫時看最受惠是Manchester，不過有高鐵後，Birmingham 有機會追上。Birmingham 交通方面，最大問題是國際缐不足。不過機場跑道可以容許A380降落，如果日後需求增加有機會增加航點。

University of Birmingham 雖然不是一级名校，但學生人數超過三萬，有八千多個國際學生，有強勁的住房需要。而且NHS 教學大醫院也在這裡，整個城市的未來發展也有保証。

從樓價圖看，倫敦自2009金融海嘯之後，受惠QE放水首先升上高位，2016 Brexit 一路高位整固，而Birmingham 同 Manchester 無受Brexit 影響，平穩向上,升幅健康。相信Brexit之後，比倫敦的 potential downside 較少。而且樓價平倫敦一半，注碼少了，更可以分段分散投資。

買入樓1

緣起兩年前,英磅因Brexit 大跌，加上香港樓市首期印花稅等等的原因，興起了投資英國樓的想法。隔山買牛，甚麼也不懂，身邊有些富有朋友也有親朋有投資經驗，但也只是在香港展銷會上買倫敦新樓，自己也去過那些展銷會，甚麼保證七厘回報，真覺也是羊毛出自羊身上，找水魚的多。

之後内子找到了一個外國的物業投資班，瞻粗粗的報了，原來英國樓玩法同香港不一樣。香港那一套只適用於倫敦，主要是炒升值。其他英國樓的玩法變化多端，做發展商都有得玩。夏天時去了英國實地考察，公司銀行户口也開了，但之後有了兒子，忙得不可開交，英國人做野又慢，結果不了了之。

及後今年香港形勢的變化，投資海外分散風險，變得迫切。再者Brexit 也似過了最黑暗的時期，英磅也見底了。同家人討論完決定去馬。但因第一次注碼決定不要太大，(其實相同價錢在香港連車位也買不到。

Agent 按我們的Budget找了幾個樓盤，最後決定買Birmingham的一個Two Bed Semi-detached，由於近醫院同大學，租務應也不錯，暫時末Complete transaction, 之後也會裝修再出租。

十一月結

月頭港股原本氣勢幾好，似有挑戰28000的機會。在低位用孖展加的倉位表現不倍，可惜又一次比Trump Trump 打落來，結果要大力减倉，清了一部份的香港REITS同港銀。

Sold: 1299,1848,1888,1997,2007,2318,2388,2601,369,435,700,808,87

Buy:1030,1055,1299,1833,700,2318,6869

Options 做了: Short Put 2018,1299,2007,2601,1088,823,1336,19,700

在升幅不足時，賣出正股改用Short Put，一來減低成本，食時間值，在區間市尤其適用，只可惜IV偏低，有輸Vega的風險，注碼少一點就可以。

S-REITS 除了RWOU 之外，全部高位，所以左側加了RWOU，之後就….. 幸好之前參加了供股的BTOU表現很好，offset 一部分損失。

美股加了BABA, NET, MSFT, STOR, 減少少BA

今個月终於決定進軍海外樓，另文再寫

十月操作

經過九月急跌及十月初一連串事件後，倉位極度受壓，尤其是倉中的本地REITS和Rw0U，捱過了第一星期，大市冇無量下跌，Trade Deal 同 Brexit 初步有好消息，先用恆生，友邦，中人壽的遠價遠期Short Put 打穩陣波，及後人仔回仔，內房新城碧桂園浮上水面，本地地產有初步回穩，加了1997,435,808,2778, Short Put 了19，由2388轉2318，leverage 上升到1.3，轉守為攻，及後再加了3883，1299，Long Call 2318，1810，超遠期386。希望十一月順勢行一段，全年可達標。

S REITS，減了五分一M44u 立即就衝上1.7，無奈。在1.26加了Rw0u 希望這個高換低動作可以提升Yeild。BTOU 參與了供股再額外申請多少少，這隻慢慢壯大。

美股主力是BABA, STOR 出力，冇大動作了。慢牛波幅小，一動不如一靜。

第三季结

第三季组合因本地，中美，Brexit 内外夾擊，跌了6.93%。最傷是一路支持組合又重倉的本地Reits 大跌。地產一纇已帶夾-4.47%。期權帶來0.25%回報。

本季新加了GEO一條直債。期權主力做Short Side也多次成功。美股比重再調高

七月結

大市在六月初在26800 水平見底，七月上破不了29000。組合加了的700,2601,3883回報不錯。386,2007 捱緊。


本月组合: -2.05% 相對恆指 -2.3% 的跌幅低。

REITS 也守不住，逆減息下跌，會考慮加倉。

700 正股+Short Put 雙嬴, 2601正股Ok，2628 Short Put 平了, 1093 Short Put 平了一手。

美股方面，BABA表現OK。Store Capital 繼續Hold 同AMD 正股Short Call 也在業績後平了。

S REITS 繼續升，下次派息會用作還Margin 息。

Bonds 作出了第一次買入。

UK Reits 加了BLND

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